Caterpillar and Ritchie Bros announce a strategic alliance

Caterpillar has announced an alliance with Ritchie Bros, a global industrial auctioneer and equipment distributor, for the Canada-based company to conduct live onsite and online auctions for used Caterpillar equipment.
September 1, 2016 Read time: 2 mins

178 Caterpillar has announced an alliance with 8031 Ritchie Bros, a global industrial auctioneer and equipment distributor, for the Canada-based company to conduct live onsite and online auctions for used Caterpillar equipment.

The announcement comes on heels of Ritchie Bros buying auctioneer 714 IronPlanet, a private company based in the United States but operating globally, for around US$758.5 million.

The new strategic alliance between Ritchie Bros and Caterpillar replaces and expands on existing agreements in place between Caterpillar, its dealers and IronPlanet.

IronPlanet was set up in 1999 and focuses on the needs of corporate accounts, equipment manufacturers, dealers and government entities in equipment disposition solutions. The company conducts its sales primarily through online-only platforms, with weekly online auctions and in other equipment marketplaces.

In 2015, IronPlanet had sales of around $787 million of gross merchandise value (GMV) through their sales channels during 2015, according to a joint statement.

Under Caterpillar’s deal with Ritchie Bros, the auctioneer will provide Caterpillar and its dealers with access to proprietary auction platforms, software and other value-added services. This will enhance the exchange of information and services between customers, dealers and suppliers, according to a statement from Caterpillar.

“The strategic alliance is also expected to strengthen Ritchie Bros’ relationship with Caterpillar's independent dealers around the world by providing them enhanced and continued access to a global auction marketplace to sell their used equipment.”

The strategic alliance between Ritchie Bros and Caterpillar will have an initial five-year term. After completing the acquisition of IronPlanet, Ritchie Bros will operate live onsite auctions at participating Caterpillar dealers' locations under the Cat Auction Services brand and also encompass Ritchie Bros other onsite and online brands.

Finance & Funding

For more information on companies in this article

Related Content

  • Road construction software innovations
    February 13, 2012
    A range of key software innovations are now available for road construction applications from various suppliers - Adrian Greeman writes. Two significant and highly economic alternatives are now available to the major CAD providers both from Belgium and both offering interesting features. First is Pythagoras, which describes itself as a modern CAD program specially designed for topographical applications which include land surveying, road design and city planning.
    Read More
  • Roadmarking requirements can boost highway safety for road users
    April 11, 2013
    Road markings are an essential component of a modern infrastructure and an essential contributor to driver comfort and road safety. The COST 331 study, which ran from 1996 to 1999, mainly focused on dry night conditions and indicated that the increased luminance of road markings, results in a better delineation of the road and offers more reaction time for drivers. On average a slight increase in speed was noted, but the increased visibility was mainly converted into more reaction time. IMPROVER, which ran
    Read More
  • Bretec breaker boosting Brazilian productivity
    May 15, 2015
    Brazilian cement maker Brennand Cimentos now boasts a Bretec Breaker to boost efficiency A Bretec breaker has been used to solve a production problem at a materials operation in Brazil. Brazilian cement producer, Brennand Cimentos, has recently purchased a Bretec L20 hydraulic hammer. The unit is being used to carry out secondary breaking duties and split apart boulders that are too large to be moved or crushed. Introducing the breaker has helped the facility improve operational efficiency. The 1.34tonne
    Read More
  • Statistics important to assessment of transport projects
    April 13, 2012
    IRF Geneva's statistics guru, Cristian Gonzalez, explores the growing importance of data in public and private assessments of transport projects IRF's work on statistics is rarely in the limelight. It is, however, an essential component of the federation's key advocacy role on behalf of its members. Statistics are, indeed, a vital function of authoritative lobbying and knowledge sharing on the range of issues impacting our sector - from highlighting the persuasive economic business cases for investment in
    Read More

Highlighted Content